1. Field of the Invention
The present invention relates to a method and system for managing financial transactions that require goods and/or services from multiple vendors, and, in particular, to methods and systems for selecting vendors to carry out sub-transactions associated with a financial transaction.
2. Background of the Technology
There exist in related arts paper-based methods and systems for completing financial transactions, such as mortgages, but these systems are inefficient and are bound by the limitations of traditional paper-based systems. Computer-implemented systems to manage financial transactions are also known, but these systems do not possess functionality to manage each step in the lifespan of an entire financial transaction. Moreover, related art computer-implemented systems do not provide functionality to initiate or track sub-transactions that are necessary for the completion of a financial transaction. Further, related art computer-implemented systems do not provide functionality to a system user (also alternatively or interchangeably referred to as an employee, agent, affiliate of a financial institution, or user) for efficiently selecting third party vendors for carrying out sub-transactions associated with a financial transaction (also alternatively or interchangeably referred to herein as “vendors”) for carrying out sub-transactions associated with a financial transaction.
There exist in related arts paper-based methods and systems for selecting vendors to execute sub-transactions to be performed in the execution of a financial transaction. However, these systems offer only a marginal increase in efficiency, due to the overhead requirements for executing these systems. There are known in related arts systems and methods for vendor selection, but these systems and methods generate excess transactional costs in the management of vendor selection. Known methods and systems do not easily allow a system user to use a precise methodology for selecting a particular vendor.
Computer-implemented systems for vendor selection are also known in related arts, but these systems do not contain the necessary functionality to select a vendor based on specific user criteria. These computer-implemented systems are not easy to customize, and often apply the same methodology for vendor selection without regard to the type of product being ordered, or the preferences of the system user who places the order.